It has been suggested that the races themselves, obviously a major source of income for the Formula One Group, will be hit hard by the recession, with many promoters struggling to make ends meet even before the global turmoil struck.

It is reported that organisers of the Australian grand prix, already controversial due to the losses absorbed by the local Victorian state government, currently pays $47m (24m euros) per F1 race.

Australian journalists late on Wednesday asked the F1 chief executive by telephone if the contract may be renegotiated in light of the new circumstances.

"We will have to have a look. It's a bit early days at the moment. We haven't even started the series yet, so let's wait and see," the 78-year-old billionaire said.